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To: H James Morris who wrote (140976)	3/27/2002 10:48:51 PM
From: Victor Lazlo	Read Replies (1) \| Respond to of 164684

"There is no locomotive pulling the economy forward," Leamer said. "This isn't going to be a typical recovery ... with a strong bounce back." I agree with the UCLA folks. Only consumer spending and new home sales have kept the economy from really falling off a cliff. But many people now already have their new cars on 0% loans and lots of consumers are up to their necks in debt. Business spending is anemic, and many good jobs have been lost which are gone for good. Unemployment may have bottomed and it's partly due to the fact that many laid off workers are accepting lower-paying jobs. That chills purchasing power. To have a full robust recovery, wouldn't we need to somehow recreate the wild business spending conditions of the dotcom/telcom/internet build-out boom ?